The FACI will include up to 15 members chosen from the spectrum of insurance expertise who will serve two year terms. Half of the committee will consist of state insurance regulators. The remaining members will be chosen from applicants to an upcoming Federal Register notice
The FACI is expected to meet with Director McRaith on a regular basis, and will likely advise him as he fulfills his duties on the FSOC, represents U.S. insurance interests internationally, and conducts what is expected to be a far-reaching study on the modernization of insurance regulation. A large number of applications can be expected, as this Committee will have direct access and influence on the decisions of the federal government’s primary source for insurance expertise and policy guidance.